Return to question *** During the current year, Martinez Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Residual Value Original Accumulated Depreciation (straight-line) $63,787 (13 years) 15,000 (6 years) Estimated Life Asset Cost 3 $78,700 $5,100 Machine A 15 years 8 years Machine B 22,500 2,500 points The machines were disposed of in the following ways: a. Machine A: Sold on January 2 for $22,500 cash b. Machine B: On January 2, this machine was sold to a salvage company at zero proceeds (and zero cost of removal). Required: 1. & 2. Prepare the journal entries related to the disposal of Machine A and B on the January 2 of the current year. TIP: When no cash is received on disposal, the loss on disposal will equal the book value of the asset at the time of disposal. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Required: 1. & 2. Prepare the journal entries related to the disposal of Machine A and B on the January 2 of the current year. TIP: When no cash is the time of disposal. (If no entry is required received on disposal. the loss on disposal will equal the book value of the asset transaction/event, select "No Journal Entry Required" in the first account field.) for points Answer is not complete. Credit No Date General Journal Debit 1 Jan 02 22,500 Cash Accumulated Depreciation-Equipment Loss on Disposal Jan 02 Accumulated Depreciation-Equipment